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Titan International to sell $275 million tap of 7 7/8% notes due 2017
By Paul A. Harris
Portland, Ore., March 1 - Titan International Inc. plans to price a $275 million add-on to its 7 7/8% notes due 2017 in the early to middle part of the March 4 week, according to a market source.
Goldman Sachs & Co. is the lead left bookrunner. Jefferies & Co. is the joint bookrunner.
Proceeds will be used to repay a portion of the debt of some indirect subsidiaries under the European credit facilities assumed as part of the acquisition of Titan Europe plc in the fourth quarter of 2012 and for general corporate purposes.
Titan International is a Quincy, Ill.-based manufacturer of wheels and tires for off-road equipment.
The original $200 million issue priced at par in September 2010.
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